With flexible income - Our DIY investment option - you'll be able to choose from a wide range of funds.

  • No additional charge for switching funds
  • Access to hundreds of funds from leading fund managers

Our charges cover the running cost of your pension.

We provide access to a wide selection of funds covering different asset classes, regions and investment styles.

We don’t charge extra for:

  • Setting up or closing your pension
  • Transferring in pensions
  • Taking your tax free cash
  • Taking taxable lump sums
  • Setting up or changing regular income instructions
  • Switching funds
  • Access to hundreds of funds from leading fund managers

Our total fund charge

This is what we charge each year for investing in a fund. It's made up of the annual management charge plus any additional expenses which apply.

  • Annual management charge

    A charge applies to money invested in funds to cover the costs of running them. This is known as the annual management charge (AMC) and is shown as an annual rate. However, the AMC is deducted from each fund on a daily basis, which has the effect of reducing its unit price. The AMC is also sometimes referred to as the fund management charge (FMC).
  • Additional expenses

    Additional expenses may be deducted from some funds. They include items such as custodian, third party administration, trustee, registrar, auditor and regulator fees. Where a fund invests in other underlying funds, they may also include the underlying management charges. As the additional expenses relate to expenses incurred during the fund management process, they will regularly increase and decrease as a percentage of the fund, sometimes significantly. The additional expenses figure shown is the annual rate of the charge. Where additional expenses apply, they are taken into account when the fund's unit price is calculated each day.

If a performance fee applies to a fund, it is included in the additional expenses figure retrospectively.

Discounts to our fund charges

While the value of your pension exceeds the below amounts, we'll add money to your pension as a discount to fund charges.

Plan value less cash on depositDiscount %
Under £25,000 None
£25,000 - £249,999 0.3% a year
£250,000 - £499,999 0.4% a year
£500,000 + 0.5% a year

These don’t apply to all funds. For more information have a look at our fund and charges guide.

Overall charge

This includes the total fund charge, minus any discount which applies. Our charges cover both the investment and running cost of your pension.



These charges are not guaranteed. They are regularly reviewed and may change in the future.

fund and charges guidePlease read the full details of all charges, reductions to charges and terms in the

 fund and charges guide

Remember, as with any investment, the value of your funds can go down as well as up, and may be worth less than you paid in.

Laws and tax rules may change in the future. The information here is based on our understanding in April 2019. Your personal circumstances also have an impact on tax treatment.

Want our experts to give you a helping hand? Take a look at Flexible income - our easy investment option.

Don’t have a pension with us?

Apply for a Personal Pension

Or call us on 0800 032 8610

Already have a pension with us?


Or call us on 0800 032 8610